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To: baystock who wrote (77468)	3/8/2001 7:07:56 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

i have addressed this question before. yes, it is true that the facility is a bit of a head-ache. but they have about 113 m. in cash, so that reduces the problem quite a bit. they have hired NM Rothschild to look into their finances, and i expect a solution that will be palatable to shareholders will be found. let's not forget, book value far exceeds the current share price, and their operations are cash flow positive to the tune of $35 m. annually at current gold prices. their proven reserves are worth almost $3 billion at current gold prices. financing of the Greek project is already assured. Deutsche Bank has committed itself to provide a $170m loan, which will cover the cost of the development. once the operation is underway, TVX's output will double to 500K oz. per year, and its production costs will tumble, as Olympias will be one of the lowest cost mines on the planet. conclusion, i see no significant problem...i expect by the time the facility comes due, some of it will be repaid , and the remainder will be converted into shares. at the moment the notes are regarded as part of the company's equity capital, since conversion into shares is optional for the company. imo the stock price more than reflects all eventualities...